By Anshul Aug 24, 2021 5:02:36 PM IST (Published)
Income Tax Return (ITR) filing is the process by which a taxpayer can report total income earned in a financial year. He/she can claim the refund of the excess tax paid/deducted during the financial year by filing it for that year.
Income Tax Return (ITR) filing is the process by which a taxpayer can report total income earned in a financial year. The taxpayer can claim the refund of the excess tax paid/deducted during the financial year by filing it for that year.
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The Income Tax Department has notified seven forms for filing Income Tax Return (ITR) for financial year FY20-21 or assessment year FY21-22. These forms include Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, and Form ITR-7.
Among these, ITR-2 is available for individuals and HUFs (Hindu Undivided Families), whether resident or non-resident, in respect of the following incomes: